Tax Free Savings

Rerinvest.ca

www.rerinvest.ca

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Tax Free Savings Account What is a Tax Free Savings Account? It is a savings/investment account that allows you to save money each year and have all the interest, dividends or capital gains to be withdrawn in the future completely tax free. What are the advantages of a TFSA? Regardless of your income you can contribute $7,000.00 over and above your RRSP. There are no formal restrictions for withdrawals. TFSA accounts are well suited to individuals in a low tax bracket as well as a high tax bracket. There are a wide range of investment possibilities and an individual can contribute to their spouse’s plan. TFSA earnings do not affect Old Age Security, Guaranteed Income Supplement or the Child Tax Credit. A TFSA can be collaterally assigned. TFSA Accounts through Life Insurance Companies can provide Creditor Protection and avoid Probate Taxes if a primary Beneficiary is appointed. What are the best investments for my TFSA? As the ledger below illustrates, taking a measured amount of risk to take advantage of the “Tax Free” status of your TFSA, pays dividends. A Reminder, as the RRSP deadline approaches: RRSP Deadline for 2024 RRSP contributions is March 3, 2025 Maximum 2024 RRSP contribution is $31,560 Maximum 2025 RRSP contribution is $32,490 TFSA As of 2025 Limit is $7,000 per annum Total cumulative contribution room is $109,000

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Tel : Rick Reynolds (250) 881-2423 email: info@rerinvest.ca Victoria Office, 670 Newport Ave Victoria, BC V8S 5C7 North island Office, 3713 Shoreline Drive, Campbell River, B.C. V9H 1L8 Rob Reynolds "doing business as" HMR Employee Benefits Ltd. Tel : Rob Reynolds (250) 220-0495 (250) 592-4614 email: rob@hmrinsurance.ca Website: hmrinsurance.ca